As mass production has to be accompanied by mass consumption; mass consumption, in turn, implies a distribution of wealth -- not of existing wealth, but of wealth as it is currently produced -- to provide men with buying power equal to the amount of goods and services offered by the nation's economic machinery.-- Marriner Eccles

The good thing about science is that it's true whether or not you believe in it.-- Neil deGrasse Tyson/2015 (possibly earlier)

There is still a lot of thinking on the right that if big corporations are happy, they're going to take the money they're saving and reinvest it in American workers. In fact they bought back shares, a few gave out bonuses; there's no evidence whatsoever that they[sic] money's been massively poured back into the American worker.-- Marco Rubio (darling of the Right)/2018

10 July 2013

Give Me a Minute

The June Fed (FOMC, Federal Open Market Committee, which sets the Fed Funds rate) meeting minutes (which they really aren't) have been posted (here's the wiki describing the FOMC). Given that the Fed's intentions have been roiling the economy since then, it is instructive to have a read. This is the sort of Black Swan event that gives quants the heebie jeebies: how to stuff the information into some logistic regression model, or such? Hehe. Policy always trumps data.